To get a merger or acquisition past federal regulators these days, one must first win the approval of the president. So, unsurprisingly, Donald Trump has been keeping a close eye on all major business transactions. The president has been deeply involved in the Warner Bros. Discovery acquisition saga, and new reporting indicates that the president purchased corporate bonds from that company and Netflix in the days following the announcement of their $80 billion+ mega-deal.

According to financial disclosure from the Office of Government Ethics, Trump bought between $250,001 and $500,000 of Netflix bonds between Dec. 12 and Dec. 16, and the same amount of Discovery Communications bonds, as well. A White House official said following the release that Trump’s stock and bond portfolio is independently managed.

Still, the purchases mean that if Netflix and WBD doget regulatory approval for their merger, Trump will benefit directly from the deal. Thus far, however, the president has seemed mostly resistant to the idea of Netflix and WBD combining, though he hasn’t had many kind words for the other aspirant in the process, Paramount Skydance, either.

Earlier this month, the president reposted an article on social media, which opposed the “ideological activism” and “woke” policies Netflix has supposedly pursued. Netflix co-CEO Ted Sarandos brushed off the president’s repost of the article, saying he didn’t want to “overread” any actions from the president.

Sarandos visited the White House himself in November, presumably in order to try to woo Trump’s favor in the matter. At the time, the president reportedly told Sarandos that WBD should go to the highest bidder, though it now appears there are many more conditions attached to the approval of the deal.

Netflix recently converted its bid from a stock-and-cash transaction to an all-cash offer, in order to counter Paramount’s hostile takeover attempt of WBD. Netflix will attempt to cross the regulatory river when it comes to it, but it may have an easier time getting its purchase of WBD past government officials if President Trump’s stock portfolio will benefit as a result.

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